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Western Economic Theories and Schools

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Title: Western Economic Theories and Schools


1
Western Economic Theories and Schools
Group Members Jenny Kelly Etta Eutene
2
Content
  • Introduction
    Jenny
  • Basic Economic Concepts Jenny
  • Development Kelly Etta
  • Conclusion Eutene

3
I. Basic Economic Concepts
  • Definitions of economics
  • 3 basic economic questions
  • Goals of economic theories

4
Definitions of Economics
  • 2 Principles
  • 1. Scarcity
  • - the limited nature of societys resources.
  • 2. Opportunity cost
  • - whatever must be given up to get the item

5
Definitions of Economics
  • Lionel Robbins (1898-1984, LSE) defined economics
    in 1932
  • Economics is the science which studies human
    behavior as a relationship between given ends and
    scarce means which have alternative uses.

6
Three Basic Economic Questions
  • What to produce
  • How to produce
  • For whom to produce.

7
Goals of Economic Theory
  • Help society find better answers to the 3 basic
    questions.
  • Predict how changes in government policy or
    market institutions will affect economic
    outcomes.

8
2.The Development of Economics
  • (1). Mercantilism (????)
  • (2). Classical Economics (?????)
  • (3). Neo-Classical Economics (??????)
  • (4). Contemporary economics (?????)

9
  • 1. Mercantilism (????)
  • A policy to obtain monetary wealth

10
(1). Mercantilism (????)
15th 17th century
  • Background
  • Economic matter The rise and development of
    commercial capital
  • Social matter The great geographical discovery

11
(1). Mercantilism (????)
  • Background
  • Political matter Centralized country started

Need more currency
12
(1). Mercantilism (????)
  • Viewpoints
  • Noble metal (money) is the only standard to
    measure wealth
  • The more accumulation of gold and silver means
    more powerful

13
  • Viewpoints
  • Prohibition of exporting gold and silver, while
    input increase
  • Government should intervene in economics
  • International trade is a "zero sum game"????

v
14
Development stages
  • Early mercantilism(15th the middle of the 16th
    century)
  • buy less in foreign trade
  • prohibit the output of currency
  • control currency movements
  • Late mercantilism (The second half of the 16th
    Century to 17th Century)
  • sell more
  • allow the output of currency
  • protective tariffs (????)

15
  • Representative
  • --Thomas Monn ????
  • Output value of commodity must be larger than the
    input value to increase the currency input

16
(2).Classical economics (?????)
  • Background
  • Viewpoint
  • Representatives

17
(2). Classical economics
about 1750-1875
  • Background
  • Workshop handicraft industry(???) has gradually
    become the main form
  • The feudal system(????) has seriously hindered
    the capitalism

18
(2). Classical economics
  • Viewpoints
  • An invisible handmarket(?????)
  • Laissez-faire principle(????), no government
    intervention
  • National wealth growth conditions

19
(2). Classical economics
  • Representatives
  • --Adam Smith(??.??)
  • ltThe Wealth of Nationsgt
  • The economic system to put laissez-faire
    thought as the center, and the research from the
    circulation field transfer to the production
    field

20
  • Representatives
  • --David Ricardo(??.???)
  • ltThe principles of political economy and
    taxationgt?????????? 
  • Success in the labor theory of value and
    distribution of the enrichment and perfection of
    the theory.

21
(3). NewClassical Economics (??????)
The
The refinement of Neo-Classical Economics
22
(3). NewClassical Economics (??????)

  • 1870s1930s
  • Background
  • Inheritance of Classical Economics and
    economic liberalism(??????)
  • The beginning of the marginal revolution (????)
  • After Industrial Revolution, the unfair
    distribution of wealth led to social discontent.

23
(3). NewClassical Economics (??????)
  • Viewpoints
  • Market economy can solve the problem of
    unemployment, slump, while the stable policy of
    government have no effect on it.
  • The dilemma of unemployment and inflation not
    only exist in the long term, but also in the
    short term.

24
(3). NewClassical Economics (??????)
  • Representatives
  • Alfred Marshall(????????)
  • Principle of Economics?????
  • The theory of supply and demand(????)
  • The theory of production cost (??????)
  • The theory of marginal utility(??????)
  • The theory of marginal productivity (???????)

25
(4). Contemporary economics (?????)

  • since 1930s
  • Background
  • The putting forward of Keynesianism marks the
    birth of modern economics
  • The establishment and development of
    Macroeconomics

26
(4). Contemporary economics (?????)
  • Stages of development
  • The Keynes revolution (?????)
  • putting forward the modern macroeconomics
    system, in which national revenue decision is the
    theory center and government intervention the
    policy adjustment.
  • The period of macroeconomics
  • The revival of Laissez-faire thought (????)

27
3.Conclusion
  • Basic economic concepts

Definition
3 basic questions
The goals of economic theory
28
  • Development

Mercantilism Thomas Men Classical Economics
ltThe Wealth of Nationsgt New classical economics
Alfred Marshall Contemporary Economics
The Keynes revolution
29
  • The Nobel Prize for Economics

Not much in common Even conflict
Fama Peoples rational calculation Shiller
Psychological factors
30
  • Thank you!
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